ESBK - Elmira Savings Bank Reports Second Quarter Earnings
ELMIRA, N.Y., July 17, 2019 (GLOBE NEWSWIRE) -- Elmira Savings Bank (NASDAQ:ESBK)
Highlights
- Net income was $1,163,000 and $2,294,000 for the three and six months ended June 30, 2018 compared to $1,108,000 and $2,187,000 for the same periods in 2017.
- Diluted earnings per share were $.33 per share and $.66 per share for the three and six months ended June 30, 2018 compared to $.27 per share and $.56 per share for the same periods in 2017.
- Return on average assets was .83% for both the three and six months ended June 30, 2018 compared to .79% and .78% for the same periods in 2017.
- Return on average equity was 8.11% and 8.07% for the three and six months ended June 30, 2018 compared to 7.01% and 7.35% for the same periods in 2017.
“The increase in net income combined with the effect of our capital restructuring last year has improved diluted earnings per share by 18% for the first half of 2018 compared to the same period one year ago,” said Thomas M. Carr, President and CEO.
Net Income
Net income totaled $2,294,000 for the six months ended June 30, 2018, an increase of $107,000 or 5% from the $2,187,000 of net income recorded for the same period in 2017. This increase was the net result of a decrease in noninterest expense of $49,000, a decrease in the provision for loan losses of $128,000, and a decrease in tax expense of $407,000, offset by a decrease in noninterest income of $373,000 and a decrease in net interest income of $104,000.
Net income totaled $1,163,000 for the three months ended June 30, 2018, an increase of $55,000 or 5% from the $1,108,000 recorded for the same period in 2017. This increase was the net result of a decrease in noninterest expense of $49,000, a decrease in the provision for loan losses of $130,000, and a decrease in tax expense of $204,000, offset by a decrease in noninterest income of $222,000 and a decrease in net interest income of $106,000.
Basic and diluted earnings per share for the six months ended June 30, 2018 were both $.66 per share compared to $.56 per share for both for the same period in 2017. Basic and diluted earnings per share for the three months ended June 30, 2018 were both $.33 per share compared to $.27 per share for both for the same period in 2017. Per share data has been restated to reflect the 5% stock dividend paid on June 15, 2018.
Net Interest Margin
The net interest margin for the six months ended June 30, 2018 was 3.35% compared to 3.34% for the same period in 2017. The yield on average earning assets was 4.19% for the six months ended June 30, 2018 compared to 4.13% for the same period in 2017. The average cost of interest-bearing liabilities was .99% for the six months ended June 30, 2018 compared to .94% for the same period in 2017.
The net interest margin for the three months ended June 30, 2018 was 3.32% compared to 3.36% for the same period in 2017. The average yield on earning assets was 4.19% for the three months ended June 30, 2018 compared to 4.15% for the same period in 2017. The average cost of interest-bearing liabilities was 1.01% for the three months ended June 30, 2018 compared to .94% for the same period in 2017.
Assets
Total assets increased $8.4 million or 1.5% to $562.9 million at June 30, 2018 compared to $554.6 million at December 31, 2017. Loans, including loans held for sale, decreased 1.4% to $454.3 million at June 30, 2018 compared to December 31, 2017. The available-for-sale investment portfolio decreased $1.7 million from December 31, 2017 to June 30, 2018.
Nonperforming Loans
Our nonperforming loans to total loans ratio has increased to 0.98% at June 30, 2018 from .64% at December 31, 2017. Net loan charge-offs to average loans for the six months ended June 30, 2018 of 0.07% was the same as the six months ended June 30, 2017. The allowance for loan losses was 0.96% of total loans at June 30, 2018 and 0.97% of total loans at December 31, 2017.
Liabilities
Deposits total $468.3 million at June 30, 2018, an increase of $11.5 million or 2.5%. The $11.5 million increase consists of an $8.7 million increase in time deposits, a $2.9 million increase in savings accounts, a $2.8 million increase in noninterest-bearing accounts, and a $603,000 increase in interest bearing transaction accounts, offset by a $3.4 million decrease in money market accounts. Borrowed funds totaled at $33.0 million as of June 30, 2018, a decrease of $2.0 million from December 31, 2017.
Shareholders’ Equity
Shareholders’ equity increased $618,000 to $57.3 million at June 30, 2018 compared to December 31, 2017. The current level of shareholders’ equity equates to a book value per share of $16.36 at June 30, 2018, compared to $16.26 at December 31, 2017. Dividends paid for common shareholders were $0.23 and $0.45 for the three and six months ended for both June 30, 2018 and 2017. As a result of the repurchase of all outstanding preferred shares in December 2017, there were no dividends paid for preferred shares for the three or six months ended June 30, 2018 versus $225,000 and $450,000 paid in preferred dividends for the same periods in 2017.
Elmira Savings Bank, with $562.9 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state-chartered bank with six offices in Chemung County, NY; three offices in Tompkins County, NY; two offices in Steuben County, NY; one office in Cayuga County, NY; one office in Schuyler County; and a loan center in Broome County, NY.
Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that involve the risks and uncertainties, including the timely availability and acceptance of Bank products, the impact of competitive products and pricing, the management of growth, and other risks detailed from time to time in the Bank’s regulatory reports.
| ELMIRA SAVINGS BANK |
| CONSOLIDATED BALANCE SHEET |
| (unaudited) |
| (in thousands, except for share and per share data) |
| June 30, |
| December 31, |
| 2019 |
| 2018 |
| % Change |
| ASSETS |
| Cash and due from banks |
| $ |
| 22,633 |
| $ |
| 19,429 |
| 16.5 |
| % |
| Federal funds sold and other short-term investments |
| 92 |
| 94 |
| -2.1 |
| % |
| Total cash and cash equivalents |
| 22,725 |
| 19,523 |
| 16.4 |
| % |
| Securities available for sale, at fair value |
| 22,615 |
| 25,051 |
| -9.7 |
| % |
| Securities held to maturity - fair value $7,344 |
| at June 30, 2019, and $7,638 at December 31, 2018 |
| 7,254 |
| 7,518 |
| -3.5 |
| % |
| Federal Reserve and Federal Home Loan Bank (FHLB) stock, at cost |
| 9,699 |
| 9,462 |
| 2.5 |
| % |
| Loans held for sale |
| 1,451 |
| 1,392 |
| 4.2 |
| % |
| Loans receivable |
| 500,593 |
| 482,272 |
| 3.8 |
| % |
| Less: Allowance for loan losses |
| 4,444 |
| 4,372 |
| 1.6 |
| % |
| Net loans |
| 496,149 |
| 477,900 |
| 3.8 |
| % |
| Premises and equipment, net |
| 18,723 |
| 16,846 |
| 11.1 |
| % |
| Bank-owned life insurance |
| 14,720 |
| 14,444 |
| 1.9 |
| % |
| Accrued interest receivable |
| 1,613 |
| 1,566 |
| 3.0 |
| % |
| Goodwill |
| 12,320 |
| 12,320 |
| 0.0 |
| % |
| Other assets |
| 3,129 |
| 4,018 |
| -22.1 |
| % |
| Total assets |
| $ |
| 610,398 |
| $ |
| 590,040 |
| 3.5 |
| % |
| LIABILITIES AND SHAREHOLDERS' EQUITY |
| Deposits |
| $ |
| 516,327 |
| $ |
| 491,517 |
| 5.0 |
| % |
| Borrowings |
| 29,000 |
| 31,000 |
| -6.5 |
| % |
| Other liabilities |
| 6,714 |
| 9,574 |
| -29.9 |
| % |
| Total liabilities |
| 552,041 |
| 532,091 |
| 3.7 |
| % |
| Shareholders' equity: |
| Preferred stock, $1,000 liquidation value per issued share; 5,000,000 shares |
| authorized; 10,000 shares issued at June 30, 2019 and at December 31, 2018 |
| 9,700 |
| 9,700 |
| 0.0 |
| % |
| Common stock, $1 par value; 5,000,000 shares authorized; 3,605,336 shares |
| issued at June 30, 2019 and 3,597,605 shares issued at December 31, 2018 |
| 3,605 |
| 3,598 |
| 0.2 |
| % |
| Additional paid-in capital |
| 53,892 |
| 53,784 |
| 0.2 |
| % |
| Retained earnings |
| 3,206 |
| 3,176 |
| 0.9 |
| % |
| Treasury stock, at cost - 93,883 common shares and 10,000 preferred shares |
| at June 30, 2019 and December 31, 2018 |
| (12,202 |
| ) |
| (12,202 |
| ) |
| 0.0 |
| % |
| Accumulated other comprehensive income (loss) |
| 106 |
| (158 |
| ) |
| -167.1 |
| % |
| Total Elmira Savings Bank shareholders' equity |
| 58,307 |
| 57,898 |
| 0.7 |
| % |
| Noncontrolling interest |
| 50 |
| 51 |
| -2.0 |
| % |
| Total shareholders' equity |
| 58,357 |
| 57,949 |
| 0.7 |
| % |
| Total liabilities and shareholders' equity |
| $ |
| 610,398 |
| $ |
| 590,040 |
| 3.5 |
| % |
| ELMIRA SAVINGS BANK |
| CONSOLIDATED STATEMENT OF INCOME |
| (unaudited) |
| Three Months Ended |
| Six Months Ended |
| June 30, |
| June 30, |
| (in thousands, except for per share data) |
| 2019 |
| 2018 |
| % Change |
| 2019 |
| 2018 |
| % Change |
| Interest and dividend income: |
| Interest and fees on loans |
| $ |
| 5,464 |
| $ |
| 4,786 |
| 14.2 |
| % |
| $ |
| 10,647 |
| $ |
| 9,582 |
| 11.1 |
| % |
| Interest and dividends on securities |
| Taxable |
| 252 |
| 244 |
| 3.3 |
| % |
| 525 |
| 496 |
| 5.8 |
| % |
| Non-taxable |
| 109 |
| 118 |
| -7.6 |
| % |
| 224 |
| 238 |
| -5.9 |
| % |
| Total interest and dividend income |
| 5,825 |
| 5,148 |
| 13.2 |
| % |
| 11,396 |
| 10,316 |
| 10.5 |
| % |
| Interest expense: |
| Interest on deposits |
| 1,519 |
| 827 |
| 83.7 |
| % |
| 2,780 |
| 1,577 |
| 76.3 |
| % |
| Interest on borrowings |
| 209 |
| 241 |
| -13.3 |
| % |
| 419 |
| 484 |
| -13.4 |
| % |
| Total interest expense |
| 1,728 |
| 1,068 |
| 61.8 |
| % |
| 3,199 |
| 2,061 |
| 55.2 |
| % |
| Net interest income |
| 4,097 |
| 4,080 |
| 0.4 |
| % |
| 8,197 |
| 8,255 |
| -0.7 |
| % |
| Provision for loan losses |
| 162 |
| 25 |
| 548.0 |
| % |
| 294 |
| 67 |
| 338.8 |
| % |
| Net interest income after provision for loan losses |
| 3,935 |
| 4,055 |
| -3.0 |
| % |
| 7,903 |
| 8,188 |
| -3.5 |
| % |
| Noninterest income: |
| Service fees |
| 345 |
| 353 |
| -2.3 |
| % |
| 701 |
| 741 |
| -5.4 |
| % |
| Gain on sale of loans held for sale |
| 425 |
| 408 |
| 4.2 |
| % |
| 714 |
| 786 |
| -9.2 |
| % |
| Other service fees |
| 212 |
| 208 |
| 1.9 |
| % |
| 414 |
| 401 |
| 3.2 |
| % |
| Earnings on bank-owned life insurance |
| 94 |
| 103 |
| -8.7 |
| % |
| 186 |
| 193 |
| -3.6 |
| % |
| Other |
| 50 |
| 58 |
| -13.8 |
| % |
| 96 |
| 119 |
| -19.3 |
| % |
| Total noninterest income |
| 1,126 |
| 1,130 |
| -0.4 |
| % |
| 2,111 |
| 2,240 |
| -5.8 |
| % |
| Noninterest expense: |
| Salaries and benefits |
| 2,105 |
| 1,998 |
| 5.4 |
| % |
| 4,125 |
| 3,945 |
| 4.6 |
| % |
| Net occupancy |
| 375 |
| 369 |
| 1.6 |
| % |
| 820 |
| 798 |
| 2.8 |
| % |
| Equipment |
| 401 |
| 345 |
| 16.2 |
| % |
| 764 |
| 682 |
| 12.0 |
| % |
| Marketing and public relations |
| 253 |
| 230 |
| 10.0 |
| % |
| 499 |
| 451 |
| 10.6 |
| % |
| Professional fees |
| 133 |
| 93 |
| 43.0 |
| % |
| 271 |
| 270 |
| 0.4 |
| % |
| Other |
| 939 |
| 697 |
| 34.7 |
| % |
| 1,581 |
| 1,414 |
| 11.8 |
| % |
| Total noninterest expense |
| 4,206 |
| 3,732 |
| 12.7 |
| % |
| 8,060 |
| 7,560 |
| 6.6 |
| % |
| Income before income taxes |
| 855 |
| 1,453 |
| -41.2 |
| % |
| 1,954 |
| 2,868 |
| -31.9 |
| % |
| Income taxes |
| 137 |
| 290 |
| -52.8 |
| % |
| 309 |
| 574 |
| -46.2 |
| % |
| Net income |
| 718 |
| 1,163 |
| -38.3 |
| % |
| 1,645 |
| 2,294 |
| -28.3 |
| % |
| Less: Net income attributable to noncontrolling interest |
| - |
| - |
| - |
| - |
| - |
| - |
| Net income attributable to Elmira Savings Bank |
| 718 |
| 1,163 |
| -38.3 |
| % |
| 1,645 |
| 2,294 |
| -28.3 |
| % |
| Dividend on preferred stock |
| - |
| - |
| - |
| - |
| - |
| - |
| Income available to common shareholders |
| $ |
| 718 |
| $ |
| 1,163 |
| -38.3 |
| % |
| $ |
| 1,645 |
| $ |
| 2,294 |
| -28.3 |
| % |
| Basic earnings per share |
| $ |
| 0.21 |
| $ |
| 0.33 |
| -36.4 |
| % |
| $ |
| 0.47 |
| $ |
| 0.66 |
| -28.8 |
| % |
| Diluted earnings per share |
| $ |
| 0.21 |
| $ |
| 0.33 |
| -36.4 |
| % |
| $ |
| 0.47 |
| $ |
| 0.66 |
| -28.8 |
| % |
| Weighted average shares outstanding - basic |
| 3,493,298 |
| 3,477,210 |
| 0.5 |
| % |
| 3,492,571 |
| 3,476,037 |
| 0.5 |
| % |
| Weighted average shares outstanding - diluted |
| 3,499,335 |
| 3,491,182 |
| 0.2 |
| % |
| 3,500,198 |
| 3,490,227 |
| 0.3 |
| % |
| Dividends per share |
| $ |
| 0.23 |
| $ |
| 0.23 |
| 0.0 |
| % |
| $ |
| 0.46 |
| $ |
| 0.45 |
| 2.2 |
| % |
| Share and per share data has been restated to reflect the 5% stock dividend paid on June 15, 2018. |
| ELMIRA SAVINGS BANK |
| AVERAGE BALANCES AND INTEREST RATES |
| (Dollars in Thousands) |
| For the Three Months Ended |
| June 30, 2019 |
| June 30, 2018 |
| ASSETS: |
| Average Balance |
| Interest |
| Average Rate |
| Average Balance |
| Interest |
| Average Rate |
| Loans |
| $ |
| 492,985 |
| $ |
| 5,464 |
| 4.42 |
| % |
| $ |
| 450,018 |
| $ |
| 4,786 |
| 4.25 |
| % |
| Short-term investments |
| 513 |
| 3 |
| 2.11 |
| 479 |
| 2 |
| 1.39 |
| Securities |
| 39,985 |
| 358 |
| 3.59 |
| 40,283 |
| 360 |
| 3.59 |
| Total interest-earning assets |
| 533,483 |
| 5,825 |
| 4.36 |
| 490,780 |
| 5,148 |
| 4.19 |
| Noninterest-earning assets |
| 72,842 |
| 68,385 |
| TOTAL ASSETS |
| $ |
| 606,325 |
| $ |
| 559,165 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |
| Interest-bearing deposits |
| $ |
| 431,816 |
| $ |
| 1,519 |
| 1.41 |
| $ |
| 386,677 |
| $ |
| 827 |
| 0.86 |
| Borrowings |
| 29,000 |
| 209 |
| 2.85 |
| 34,407 |
| 241 |
| 2.77 |
| Total interest-bearing liabilities |
| 460,816 |
| 1,728 |
| 1.50 |
| 421,084 |
| 1,068 |
| 1.01 |
| Noninterest-bearing liabilities |
| 86,960 |
| 80,595 |
| Shareholders' equity |
| 58,549 |
| 57,486 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
| $ |
| 606,325 |
| $ |
| 559,165 |
| Interest rate spread |
| 2.86 |
| % |
| 3.18 |
| % |
| Net interest income/margin |
| $ |
| 4,097 |
| 3.06 |
| % |
| $ |
| 4,080 |
| 3.32 |
| % |
| ELMIRA SAVINGS BANK |
| AVERAGE BALANCES AND INTEREST RATES |
| (Dollars in Thousands) |
| For the Six Months Ended |
| June 30, 2019 |
| June 30, 2018 |
| ASSETS: |
| Average Balance |
| Interest |
| Average Rate |
| Average Balance |
| Interest |
| Average Rate |
| Loans |
| $ |
| 487,500 |
| $ |
| 10,647 |
| 4.37 |
| % |
| $ |
| 451,681 |
| $ |
| 9,582 |
| 4.25 |
| % |
| Short-term investments |
| 496 |
| 5 |
| 2.00 |
| 456 |
| 3 |
| 1.36 |
| Securities |
| 40,851 |
| 744 |
| 3.66 |
| 40,898 |
| 731 |
| 3.59 |
| Total interest-earning assets |
| 528,847 |
| 11,396 |
| 4.31 |
| 493,035 |
| 10,316 |
| 4.19 |
| Noninterest-earning assets |
| 67,108 |
| 63,164 |
| TOTAL ASSETS |
| $ |
| 595,955 |
| $ |
| 556,199 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |
| Interest-bearing deposits |
| $ |
| 423,792 |
| $ |
| 2,780 |
| 1.32 |
| $ |
| 384,263 |
| $ |
| 1,577 |
| 0.83 |
| Borrowings |
| 29,376 |
| 419 |
| 2.83 |
| 34,958 |
| 484 |
| 2.75 |
| Total interest-bearing liabilities |
| 453,168 |
| 3,199 |
| 1.42 |
| 419,221 |
| 2,061 |
| 0.99 |
| Noninterest-bearing liabilities |
| 84,198 |
| 79,675 |
| Shareholders' equity |
| 58,589 |
| 57,303 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
| $ |
| 595,955 |
| $ |
| 556,199 |
| Interest rate spread |
| 2.89 |
| % |
| 3.20 |
| % |
| Net interest income/margin |
| $ |
| 8,197 |
| 3.10 |
| % |
| $ |
| 8,255 |
| 3.35 |
| % |
| Quarter Ended |
| (Dollars in Thousands, Except Per Share Data) |
| 6/30/2019 |
| 3/31/2019 |
| 12/31/2018 |
| 9/30/2018 |
| 6/30/2018 |
| Operating Data |
| Net income |
| $ |
| 718 |
| $ |
| 927 |
| $ |
| 935 |
| $ |
| 1,010 |
| $ |
| 1,163 |
| Net interest income |
| 4,097 |
| 4,100 |
| 4,225 |
| 4,090 |
| 4,080 |
| Provision for loan losses |
| 162 |
| 132 |
| 150 |
| 150 |
| 25 |
| Net security gains |
| - |
| - |
| - |
| - |
| - |
| Non-interest income, ex. Net security gains |
| 1,126 |
| 985 |
| 1,124 |
| 1,154 |
| 1,130 |
| Non-interest expense |
| 4,206 |
| 3,854 |
| 4,038 |
| 3,891 |
| 3,732 |
| Performance Statistics |
| Net interest margin |
| 3.06 |
| % |
| 3.13 |
| % |
| 3.26 |
| % |
| 3.26 |
| % |
| 3.32 |
| % |
| Annualized return on average assets |
| 0.47 |
| % |
| 0.64 |
| % |
| 0.65 |
| % |
| 0.71 |
| % |
| 0.83 |
| % |
| Annualized return on average equity |
| 4.92 |
| % |
| 6.41 |
| % |
| 6.39 |
| % |
| 6.94 |
| % |
| 8.11 |
| % |
| Annualized net loan charge-offs to avg loans |
| 0.09 |
| % |
| 0.10 |
| % |
| 0.17 |
| % |
| 0.08 |
| % |
| 0.09 |
| % |
| Net charge-offs |
| 105 |
| 117 |
| 199 |
| 91 |
| 96 |
| Efficiency ratio |
| 80.5 |
| % |
| 75.8 |
| % |
| 75.5 |
| % |
| 74.2 |
| % |
| 71.6 |
| % |
| Per Share Data |
| Basic earnings per share |
| $ |
| 0.21 |
| $ |
| 0.27 |
| $ |
| 0.27 |
| $ |
| 0.29 |
| $ |
| 0.33 |
| Diluted earnings per share |
| 0.21 |
| 0.26 |
| 0.27 |
| 0.29 |
| 0.33 |
| Dividend declared per share |
| 0.23 |
| 0.23 |
| 0.23 |
| 0.23 |
| 0.23 |
| Book value |
| 16.60 |
| 16.59 |
| 16.52 |
| 16.42 |
| 16.36 |
| Common stock price: |
| High |
| 17.40 |
| 19.09 |
| 20.47 |
| 21.00 |
| 20.60 |
| Low |
| 15.69 |
| 16.32 |
| 15.77 |
| 20.10 |
| 19.29 |
| Close |
| 16.05 |
| 16.75 |
| 17.45 |
| 20.40 |
| 20.43 |
| Weighted average common shares: |
| Basic |
| 3,493 |
| 3,492 |
| 3,487 |
| 3,481 |
| 3,477 |
| Fully diluted |
| 3,499 |
| 3,501 |
| 3,499 |
| 3,497 |
| 3,491 |
| End-of-period common shares: |
| Issued |
| 3,605 |
| 3,601 |
| 3,598 |
| 3,593 |
| 3,593 |
| Treasury |
| 94 |
| 94 |
| 94 |
| 94 |
| 94 |
| Financial Condition Data: |
| General |
| Total assets |
| $ |
| 610,398 |
| $ |
| 596,613 |
| $ |
| 590,040 |
| $ |
| 570,785 |
| $ |
| 562,924 |
| Loans, net |
| 496,149 |
| 484,780 |
| 477,900 |
| 462,713 |
| 448,690 |
| Intangibles |
| 12,320 |
| 12,320 |
| 12,320 |
| 12,320 |
| 12,320 |
| Total deposits |
| 516,327 |
| 503,089 |
| 491,517 |
| 474,449 |
| 468,293 |
| Noninterest-bearing |
| 81,249 |
| 76,414 |
| 81,690 |
| 78,324 |
| 76,880 |
| Savings |
| 71,100 |
| 71,642 |
| 75,483 |
| 71,748 |
| 73,200 |
| NOW |
| 85,130 |
| 85,808 |
| 89,666 |
| 89,835 |
| 87,402 |
| Money Market |
| 19,925 |
| 19,405 |
| 20,087 |
| 18,910 |
| 21,934 |
| Time deposits |
| 258,923 |
| 249,820 |
| 224,591 |
| 215,632 |
| 208,877 |
| Total interest-bearing deposits |
| 435,078 |
| 426,675 |
| 409,827 |
| 396,125 |
| 391,413 |
| Shareholders' equity |
| 58,357 |
| 58,231 |
| 57,949 |
| 57,512 |
| 57,299 |
| Asset Quality |
| Non-performing assets |
| $ |
| 4,996 |
| $ |
| 5,081 |
| $ |
| 4,649 |
| $ |
| 4,520 |
| $ |
| 4,560 |
| Non-performing assets to total assets |
| 0.82 |
| % |
| 0.85 |
| % |
| 0.79 |
| % |
| 0.79 |
| % |
| 0.81 |
| % |
| Allowance for loan losses |
| 4,444 |
| 4,387 |
| 4,372 |
| 4,421 |
| 4,362 |
| Allowance for loan losses to total loans |
| 0.89 |
| % |
| 0.90 |
| % |
| 0.91 |
| % |
| 0.95 |
| % |
| 0.96 |
| % |
| Allowance for loan losses to |
| non-performing loans |
| 93.55 |
| % |
| 89.71 |
| % |
| 97.16 |
| % |
| 100.00 |
| % |
| 99.18 |
| % |
| Non-performing loans to total loans |
| 0.96 |
| % |
| 1.01 |
| % |
| 0.94 |
| % |
| 0.96 |
| % |
| 0.98 |
| % |
| Capitalization |
| Shareholders' equity to total assets |
| 9.56 |
| % |
| 9.76 |
| % |
| 9.82 |
| % |
| 10.08 |
| % |
| 10.18 |
| % |
For further information contact:
Thomas M. Carr, President & CEO
Elmira Savings Bank
333 East Water Street
Elmira, New York, 14901
(607) 735-8660
tcarr@elmirasavingsbank.com